Steel maker Nucor Corp. announced on Thursday that it will build a $350 million manufacturing plant in North Carolina, which would be its second in the state.
A news release from the Charlotte-based Nucor said the mill, which will be located off U.S. Highway 64 in Lexington in Davidson County, will employ approximately 200 full-time workers when it opens and create an additional 500 temporary jobs during construction, which is expected to take two years.
The other Nucor plant in North Carolina is located in Hertford County.
Nucor describes the plant as a rebar micro mill. Rebar is used primarily in concrete reinforcement for the construction of roads, buildings, bridges and other structures.
On Thursday, the N.C. Economic Investment Committee approved a combined $19.3 million in state economic incentives for the plant, the Winston-Salem Journal reported.
The biggest part of the state incentive package is $12.6 million for “a special tax treatment for recycling,” although it wasn’t known how the company will benefit. Nucor also will receive $3.3 million from state Job Development Investment Grant funding over 12 years, as well as $414,000 from the state’s Community College system for job training.
The average annual wage at the Nucor plant would be $99,660, more than double than the Davidson County annual average wage of $45,170.
Lexington and Davidson County were competing with Dillon, South Carolina, and Suffolk, Virginia, for the project.